American Commerce Solutions, Inc. Announces Chariot Closing Date
Thursday September 25, 6:00 am ET
BARTOW, Fla., Sept. 25 /PRNewswire-FirstCall/ -- American Commerce Solutions, Inc. (OTC Bulletin Board: AACS - News) today announced that it will close on the acquisition of Chariot Manufacturing Company, Inc. (Chariot) on October 4, 2003.
Daniel L. Hefner, President and Chief Executive Officer of American Commerce Solutions, Inc. stated, "We have received response from the attorney representing Chariot Manufacturing Company, Inc. and have negotiated the minor changes suggested by his review. Unfortunately, the schedules of the parties will not allow closing before October 4th, 2003. Chariot assets have already been moved to the location where production will be commence immediately upon closing. In reality, we have already taken over scheduling responsibility for warranty and repair work for Chariot."
Mr. Hefner continued, "We are excited that we will finally get this first acquisition under our belts. I have received numerous calls and e-mails from stockholders and news organizations wanting to know 'when and if" the acquisition would actually take place. This much anticipated acquisition will bring additional credibility to the American Commerce Solutions, Inc. Board of Directors and the business model we are implementing. The terms and conditions of the purchase will be reported in the appropriate 8K filing following the closing."
Hefner further commented, " Meanwhile, we will continue the process of updating the printed promotional material and brochures and evaluating any tooling requirements for the molds and jig fixtures. Upcoming trade shows and opportunities to aggressively market these lightweight, easy-pull, durable fiberglass trailers are also being assessed. Our confidence that the acquisition would be completed has caused us to continue to prepare, so that no time will be lost when it is time to gear up."
Mr. Hefner stated that although Chariot is about trailers, it is also about fiberglass. Other contemplated acquisitions will also feature fiberglass manufacturing, but fiberglass recycling will also be part of this new division of American Commerce Solutions, Inc. through acquisition, if plans go as intended. The anticipated timeframe for the next acquisition is the beginning of the fourth quarter or sooner.
"We have great expectation from the fiberglass related enterprises, but the workhorse of American Commerce Solutions, Inc. continues to be International Machine and Welding, Inc.," Hefner remarked. " We will continue to manage to the balance sheet and streamline our operations to maximize our resources of people and equipment."
"Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward- looking statements, including but not limited to, certain delays and risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: American Commerce Solutions, Inc.
AI
